MCX Board defers decision on preferential issue

The Board of Directors of Multi Commodity Exchange of India Ltd at its meeting held on April 03, 2014, have approved, subject to the approval of FMC and shareholders the alteration of main objects clause of Memorandum of Association by deleting the words "securities" and "ready" and incorporating the words 'including related eco-systems' in the main objects in MoA.

The Board approved alteration to the Articles of Association of the Company to include the rules and process for divestment of shareholding w.r.t. a shareholder of the Company declared as not "fit and proper" or for any other reason arising out of a direction or order of the Central/State Government/FMC/SEBI/court/tribunal or any other statutory authority wherein the shareholder shall not be entitled to vote in excess of the shares that he is permitted to hold and shall be responsible to dispose of the excess shares within the prescribed time. If he fails to do so, he shall be obliged to transfer such excess shares to an escrow account, failing which, the Company may take such measures as deem fit including requesting Depository/DP to transfer the shares to the escrow account and the Company shall dispose of such excess shares in such manner as the Board may consider appropriate.

The Board deferred the consideration of preferential allotment of shares.

Shares of MULTI COMMODITY EXCHANGE OF INDIA LTD. was last trading in BSE at Rs.505.55 as compared to the previous close of Rs. 509.4. The total number of shares traded during the day was 202110 in over 7796 trades.

The stock hit an intraday high of Rs. 518.45 and intraday low of 498.7. The net turnover during the day was Rs. 102991205.

Source : Equity Bulls

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